Wearable Medical Devices Market – Overview
Homo sapiens hate change. But will embrace anything that will make their work easier and effortless. A tracker that measures a wide array of things – the number of steps taken by an individual, the heart rate and other parameters to indicate the health of that individual – the Fitbit, came up in a big way. Biolife, the Medical sister of the Fitbit, does the same. Except, it monitors ECG, respiration rate, temperature and other health-related parameters. Biotricity, that came up with the medical marvel, that is Biolife, believes disease management must be made easy. Everybody uses technology. Everybody loves easy-work. Everybody loves not having to go to a clinic on a Sunday to check if their heart rate is just fine. That need is exactly what Biotricity has tapped.
Using the concept of Internet of Things self-health monitoring is a topic of hot discussion among all. Bringing about a transformation in the medical industry, Wearable Medical Devices are being touted as a mode of delivery of reliable health care. Integrating the device with micro-chip that is capable of reading the human body through skin contact is a marvel no less. Innovations leading to breakthroughs in the medical field are on a rise. Segmented on the basis of type, distribution channel, end use, application, the market itself can be divided into activity monitors, watches, smart clothes and patches.
Biotricity is one of the many companies who have turned their focus to Medical Devices. There exits umpteen number of big and small players in this domain. Also, there are more than a few wearable devices in the market today. For example, to give infant health a boost, infant monitoring was introduced to hear a baby cry, or detect wet diapers or even monitor their blood and oxygen levels. There are devices for pain management to reduce basic lower back pains and other joint related pains. Up until a few years back, the medical profession was primarily focussing on heart-ailments. However, now everything from basic bone bruises to a comatose condition can be monitored and diagnosed using medical devices. Although medical wearable devices are huge, the interest of the public seems to be waning. The same tasks that are performed by these devices are also realized by the general health devices like the Apple health apps which tracks via the iPhone. But with features like smartphone connectivity does help attract consumers. However, despite diseases getting stronger by the day, and immediate medical care not being available everywhere always, not many professionals have been supporting the use of these devices over actual-human diagnosis in the fear that self-diagnosis can be wrong and often turn lethal. Not to mention, this also puts their profession in danger.
With wearable medical devices coming up in a big way, remote patient monitoring is getting easier. Customers wants something fancy, easy and spontaneous. The latest products are proof that customer voices are being hear alright. The reduction in costs by skipping long expensive hospital stays indicate that wearable medical devices are a hit with its audience. The accuracy and precision of these devices are of paramount importance and are a big point of investment with the medical industry. With a growth rate of 14.2% CAGR and Apple coming up with ideas for health devices to be used as a chain or ring or a brooch, the day isn’t far when humans would no longer need to go to hospital for a regular surgery. Of course, several issues still exist. Compliance issues, approvals from the FDA ( Food and Drug Administration ) and other regulatory issues are still of concern, but these are just the nitty-gritties, which soon will be a thing of the past.
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